Productive and Innovation Credit (PIC)

Get 60%* cash rebate off your IT costs with Productivity and Innovation Credit (PIC)

FirstLeap Solutions products and services are approved by IRAS as one of the claimable items under the Productivity and Innovation Credit (PIC) grant. Grasp this opportunity to experience the benefits of our products & services with reduced investment cost.

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*Subject to approval from Inland Revenue Authority of Singapore (IRAS)

Objectives of the PIC scheme

The PIC scheme was introduced to support businesses (SMEs) that invest in innovation and productivity improvements. Businesses can enjoy a 400% tax deduction or 60% cash payout for investments under six qualifying activities. In Budget 2013, the PIC Bonus was introduced to provide businesses a dollar-for-dollar matching cash bonus on top of the existing PIC tax deductions and/or cash payout.

To qualify for the PIC cash payout, businesses must have:

  1. Incurred PIC-qualifying expenditure during the basis period of the qualifying YA.
  2. Active business operations in Singapore.
  3. Employed and made CPF contributions for at least three local employees. These three local employees must not be sole-proprietors, partners and shareholders who are directors of the company.

(Updated from IRAS as at 19 Sept 2013)

Click here for more information of PIC on IRAS website.